November 16, 2018
SEC’s Division of Investment Management Updates FAQs on Fund Reporting
On November 14, 2018, the SEC’s Division of Investment Management staff updated the SEC’s FAQs on fund reporting rules to address certain issues related to Form N-CEN and Form N-PORT filings.
November 15, 2018
SEC’s Office of Compliance Inspections and Examinations Issues Risk Alert Announcing Examination Initiatives Focused on Registered Investment Companies
On November 8, 2018, the staff of the SEC’s Office of Compliance Inspections and Examinations issued a Risk Alert indicating that it is conducting a series of examination initiatives focused on matters relevant to certain mutual funds and exchange-traded funds (ETFs).
November 1, 2018
SEC Staff Issues Risk Alert Regarding Investment Adviser Compliance Issues Related to the Cash Solicitation Rule
On October 31, 2018, the SEC’s Office of Compliance Inspections and Examinations (OCIE) staff issued a Risk Alert regarding Rule 206(4)-3 under the Investment Advisers Act of 1940 (Cash Solicitation Rule).
November 1, 2018
SEC Director of Investment Management Dalia Blass Delivers Keynote Address at the ICI Securities Law Developments Conference
On October 25, 2018, the SEC’s Director of the Division of Investment Management (Division), Dalia Blass, delivered a speech at the Investment Company Institute (ICI) Securities Law Developments Conference.
November 1, 2018
SEC Director of Investment Management Dalia Blass Delivers Remarks at IDC – 2018 Fund Directors Conference
On October 16, 2018, the SEC’s Director of the Division of Investment Management (Division), Dalia Blass, delivered a speech at the Independent Directors Council (IDC) 2018 Fund Directors Conference.
October 22, 2018
SEC Staff Grants No-Action Relief Regarding Board Oversight of Affiliated Transactions
On October 12, 2018, the SEC staff issued a no-action letter regarding board oversight of affiliated transactions. The staff agreed not to recommend enforcement action to the SEC for violations of Sections 10(f), 17(a) or 17(e) of the Investment Company Act of 1940 if a fund’s board of directors…
October 22, 2018
SEC Charges Firm With Deficient Cybersecurity Procedures
On September 26, 2018, the SEC announced that it settled charges against a broker-dealer/investment adviser related to its failures to adopt and implement adequate cybersecurity policies and procedures. The failures were identified in connection with a cyber intrusion that compromised personal information of thousands of customers. The firm agreed to be censured and pay a $1 million penalty.
September 18, 2018
Chairman Clayton Clarifies Role of SEC Staff Views
On September 13, 2018, Chairman Jay Clayton issued a statement indicating that all staff statements are nonbinding and do not create enforceable legal rights or obligations. The statement highlighted the distinction between the SEC’s rules and regulations, on the one hand, and staff views on the other.
September 18, 2018
SEC Staff Withdraws Two No-Action Letters Related to Proxy Advisory Firms
On September 13, 2018, the SEC’s Division of Investment Management issued a notice indicating the withdrawal of two 2004 no-action letters that provided guidance on adviser responsibilities in voting client proxies and the use of proxy advisory firms.
September 18, 2018
Elad Roisman Sworn in as SEC Commissioner
On September 11, 2018, Elad L. Roisman was sworn into office as an SEC Commissioner by SEC Chairman Jay Clayton. Mr. Roisman was nominated to the SEC by President Donald J. Trump, and his nomination was confirmed by the U.S. Senate on September 5. Commissioner Roisman comes to the SEC from the Senate Banking Committee, where he served as Chief Counsel.